Running Action Replay Max from a USB Hdd?

Is it possible to run an app like Action Replay directly from a USB hdd? I ask because I got the USB Advance running off a USB hdd.

What I did was copy the contents of the USB Advance disc to the folder on my USB hdd. From there I just boot my unmodded PS2 with SwapMagic 3.6 which loads LaunchELF from my USB hdd attached to the PS2. From there I can select USBAdvance from the menu and away I go.